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Stupidity, hubris and confusion at least. Fortunately for JPM, another unit of JPM unknowingly took the other side of some of his derivative bets, thereby reducing the damage. It was clearly a deliberate violation of Sarbanes-Oxley, the consequences of which are a testament to the lobbying power of Wall Street.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Mar 21st, 2016 at 07:54:07 PM EST
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